UX in DeFi: The Biggest Opportunity
Decentralized Finance (DeFi) is what crypto is really all about. DeFi has the potential to revolutionize the financial world by offering decentralized, non-custodial and disintermediated financial services. Despite its promise, DeFi adoption has been hindered by poor user experience (UX) and complex user interfaces (UI). At redefined, we recognize that for DeFi to reach mainstream adoption, it must prioritize UX. Here’s how we’re tackling these challenges head-on.
DeFi Today: It's a lot….
Complexity and Fragmentation (insert math equations meme)
Navigating the DeFi ecosystem often feels like trying to piece together a puzzle. Users must juggle multiple dApps, understand various protocols, and manage different wallets. This fragmentation creates a steep learning curve and a significant barrier to entry.
To participate in yield farming opportunities, a user might need to swap tokens on a DEX, stake them on a separate and often new and native platform, and track returns on a different dashboard. Each step requires interaction with a different interface, each with its own design and user experience (and gas fees). How many of you have 30+ wallets with 30+ assets staked on multiple daps with no clear idea or memory of amounts and returns?
Bridges on Bridges
We are beginning to lose track of how many new chains and networks are popping up. Let’s face it, we are probably going to live in a multichain world and bridging will be a necessary part of it. Bridging today is a minefield. With over 60 bridges (that we know of) and each supporting different networks, this is clearly growing to be an unmanageable problem. To add to the complexity, one needs to ensure that they have native tokens on the destination chain, which usually requires going to a centralized exchange. Bridge hacks are also very common, particularly on the newer and untested dApps.
Dude, where’s my private keys?
The decentralized nature of DeFi means users are responsible for their own security. However, the complexity of securing private keys and recognizing phishing attempts can be overwhelming, leading to security breaches and getting wrecked.
We have all heard the stories of big money being lost forever due to private keys being lost, like the British man who lost 7,500 Bitcoin because his wife/partner accidentally threw away his hard drive. That was painful to write down, so we can’t imagine how he feels. We do have to recognize that this kind of user error is common and a major obstacle to mass adoption that needs to be addressed.
Big Money Scared
We are in the midst of mass institutional crypto adoption and DeFi has eye-watering yield opportunities dying to be leveraged. DeFi remains too risky for significant allocation from institutions, who require Web2-like experience, security guarantees, human customer support, diversification opportunities, among other things. DeFi today simply does not provide that.
Why UX Matters
DeFi promises financial services for all, but its current complexity excludes many potential users. Centralized exchanges have done really well at optimizing UX, which is key to their immense success. Given that custody is a HUGE cost to business for CeFi, much of CeFI is heading to DeFi. Fixing UX is key to this and to the next 1 billion users.
A well-designed UX enhances trust and security. Clear and intuitive interfaces help users understand what they are doing, reducing the likelihood of costly mistakes. Design elements that educate users about security practices, such as safely storing private keys or using passkeys, are essential.
Users expect financial services to be efficient and reliable. An optimized UX reduces friction, allowing users to complete tasks quickly and accurately. This efficiency not only enhances user satisfaction but also encourages repeated use and stickiness, driving greater adoption of DeFi platforms.
The DeFi space is ripe with innovation, but even the most groundbreaking features can go unused if they are too difficult to access. A focus on UX ensures that new functionalities are not just powerful but also approachable. This usability fosters innovation adoption, allowing DeFi to grow and evolve.
redefined: Building the UX Layer for DeFi
At redefined, we are committed to transforming the DeFi experience by prioritizing user-centric design. Our goal is to create an intuitive gateway that simplifies DeFi interactions and makes the ecosystem accessible to everyone.
We aim to provide a single, cohesive interface that integrates all your DeFi needs. Powered by Chain/Account Abstraction and General Message Passing (GMP), redefined allows you to view, trade, earn, and invest across any blockchain seamlessly, all on-chain. This unified approach streamlines the user journey and reduces the cognitive load.
redefined abstracts the complexities of underlying DeFi protocols. Users interact with straightforward options and clear instructions, without needing to understand the technical details of each transaction. This abstraction allows users to focus on their financial goals rather than the intricacies of the process.
Security is at the forefront of our UX design. We incorporate features that guide users through safe practices, such as step-by-step instructions for setting up secure wallets, alerts for potential security risks or exposure risk, curated news based on your portfolio. By embedding security into the UX, we help users protect leverage assets with confidence.
Our platform is designed to be responsive, ensuring a seamless experience across different devices. Whether users access Redefined from a desktop, tablet, or smartphone, they will encounter a consistent and intuitive interface. We continuously gather and integrate user feedback to improve our platform. By listening to our community, from retail to institutional, we can make iterative enhancements and upgrades that align with user needs and preferences, ensuring that redefined evolves alongside its users.
The DeFI sleeping giant is waking up
We see that the future of crypto as a financial barrier-buster rests in DeFi. The future of DeFi hinges on its ability to provide a user-friendly experience that is accessible, secure, and efficient. By focusing on intuitive design, security, and simplicity, we aim to make DeFi accessible to everyone, fostering greater adoption and driving the next wave of financial innovation. People use the internet today without any technical knowledge about its infrastructure. DeFi will be no different.
Imagine on-chain swapping, bridging, staking, deploying a node, downloading a tax-friendly report, and much more, all in one-click. Imagine opportunity exploration for all on-chain opportunities and rewards aggregation and calculation, all in one interface. Imagine a one-stop-shop for DeFi. Stop imagining and start using redefined.